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Fuel prices record 13 revisions since last November

27 May 2018

According to the analysts, the continuous increase in petrol and diesel prices is related to the weakening of the rupee against the United States dollar.

Drivers are being warned that prices at petrol and diesel pumps could increase again.

Revised petrol prices in Nagpur today on May 25 is 85.57 and 72.04 for diesel. Talks are going on with finance ministers of all states, Fadnavis said, adding, "Once petrol and diesel are brought under the ambit of GST, its threshold will change, because right now, taxes upon taxes are levied which increases rates".

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"It is also likely to have a negative effect on consumer spending as putting fuel in the vehicle to get to work takes priority over shopping and eating out". Every day since May 17, fuel prices have been rising about 30 paise over their previous levels.

Meanwhile, Fuel rates continue to rise for the 11th day in a row on Thursday, taking the cost of petrol and diesel to a record high. Another logical inference is that the government will continue to look the other way (or indulge in some window dressing by ordering a minor duty cut) because there are no elections lined up till the year-end.

While the prices of global crude oil have fluctuated a lot, the benefit has not been passed onto the consumer.

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Mumbai residents are also facing the brunt of fuel price hike as the price of petrol touched Rs 84.70 per litre, while diesel hiked a record high of Rs 71.66 per litre in the metropolitan city.

There seems to be no respite from the boiling fuel prices in the country. "Though VAT on fuel in many states is higher than Gujarat, these states have not reduced this tax like we had done", Patel, who also handles Finance portfolio, said. "We believe all petroleum products should come under the goods and services tax (GST)", said Sanjiv Singh, chairman of IOC.

What one can be assured of is, in-spite of rising barrel prices during the tenure of the Congress-led government, they had managed a great job in keeping hold of the prices of crude oil in India.

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"Maharashtra got in the four years of this central government what the state couldn't get in the past. If it (petrol and diesel) can be brought under GST, rates will come down", he told reporters here.

Fuel prices record 13 revisions since last November